Financial Performance - Sales for fiscal 2024 reached $2,711.0 million, an increase of $171.0 million compared to $2,540.0 million in fiscal 2023[148]. - Gross profit for fiscal 2024 was $182.4 million, maintaining a gross profit percentage of 6.7%[148]. - Operating income decreased to $18.0 million in fiscal 2024 from $26.0 million in fiscal 2023, reflecting a decline in operating income margin from 1.0% to 0.7%[147]. - Net income available to common shareholders fell to $4,336,489 in fiscal year 2024, down 62.7% from $11,596,393 in fiscal year 2023[225]. - Basic earnings per share decreased to $7.24 in fiscal year 2024 from $19.85 in fiscal year 2023, a decline of 63.5%[225]. - Total sales for fiscal year 2024 reached $2,710,981,108, an increase of 6.7% compared to $2,539,994,999 in fiscal year 2023[225]. - Operating income decreased to $17,980,514 in fiscal year 2024 from $25,966,583 in fiscal year 2023, indicating a decline of 30.7%[225]. - The company reported a loss from operations before taxes of $7,462,489 for fiscal year 2024, a decline from a profit of $17,302,393 in fiscal year 2023[328][329]. Acquisitions and Investments - The company acquired Burklund Distributors, Inc. and Richmond Master Distributors, Inc., contributing to a $98.6 million increase in sales from these acquisitions[151]. - The Company acquired Burklund Distributors, Inc. for approximately $20.9 million, consisting of $15.4 million in cash and a $3.9 million promissory note[273]. - The Company acquired Richmond Master Distributors, Inc. for approximately $6.6 million in cash, assuming operating liabilities of about $0.6 million[274]. - The acquisition of Burklund aligns with the Company's long-term growth strategy by expanding its regional footprint[273]. - The total consideration paid for the acquisition of Burklund and Richmond Master was $27,573,880, with cash payments of $22,095,436[276]. - The acquisition of Henry's Foods, Inc. involved a cash payment of approximately $54.9 million and the assumption of operating liabilities totaling approximately $1.2 million[281]. - Total identifiable net assets acquired from Henry's Foods amounted to $54,364,928, including accounts receivable of $8,237,652 and inventories of $16,060,965[283]. - The pro forma revenue for the year ended September 2024, assuming the acquisitions of Burklund, Richmond Master, and Henry's, is projected to be $2,854,752,348[286]. Financial Position and Liquidity - The total combined borrowing capacity of the company's credit facilities is $300.0 million, with $121.3 million outstanding as of September 2024[164]. - The average interest rate on the company's credit facilities was 6.82% at September 2024, with peak borrowings reaching $181.8 million during fiscal 2024[165]. - The Company believes its liquidity position will be adequate for operations, but a significant change in the operating environment could impact future revenue streams[171]. - The Company has no off-balance sheet arrangements, indicating a straightforward financial structure[169]. - The Company’s liquidity position is influenced by customer credit risk and access to bank credit, with no current hedging against interest rate or fuel cost risks[170]. - Total current assets decreased to $229,065,271 in September 2024 from $245,670,707 in September 2023, a reduction of 6.8%[222]. - Total liabilities increased to $262,377,525 in September 2024 from $259,260,106 in September 2023, reflecting a rise of 1.1%[222]. - Shareholders' equity increased to $111,729,785 in September 2024 from $104,169,094 in September 2023, an increase of 7.2%[222]. Operational Costs and Expenses - Operating expenses increased by $19.5 million in fiscal 2024, driven by higher costs associated with acquisitions and employee compensation[156]. - Interest expense rose by $1.9 million in fiscal 2024, primarily due to higher interest rates and increased debt from acquisitions[157]. - Cash paid for interest during the period was $9,985,313, compared to $8,311,375 in the previous year, reflecting an increase of approximately 20.1%[231]. - The Company made matching contributions to its profit-sharing plans of approximately $2.0 million in fiscal 2024, up from $1.6 million in fiscal 2023[317]. Revenue Recognition and Accounting Standards - The Company recognizes revenues when the performance obligation is satisfied, reflecting the consideration expected to be received[217]. - The occurrence and cutoff of revenue transactions were identified as a critical audit matter due to the significance of net sales[218]. - The Company adopted ASU 2016-13 on October 1, 2023, which introduced a forward-looking approach to estimate credit losses, with no material effect on consolidated financial statements[202]. - The Company is reviewing ASU No. 2023-07, which improves segment reporting disclosures, effective for fiscal 2025[203]. - The new FASB ASU No. 2023-09 will enhance income tax disclosures, effective for annual periods beginning after December 15, 2024[204]. - The Company is currently reviewing the potential impact of the new ASU on its consolidated financial statements[204]. Risks and Challenges - Risks associated with higher interest rates could impact demand, customer credit risk, profitability, and cash flows[207]. - The Company faces risks from supply chain disruptions and an intensely competitive labor market, leading to increased operational costs[208]. - The Company is subject to risks related to the acquisition of businesses or assets, including integration challenges and vendor retention[206]. - The Company reported that changes in trade tariffs may result in higher prices for products, affecting consumer demand[208]. Asset Management - Goodwill on the balance sheet was recorded at $5.8 million as of September 2024, with the estimated fair value of the wholesale reporting unit exceeding its carrying value[185]. - The Company performs annual goodwill and intangible asset impairment assessments during the fourth fiscal quarter[247]. - Goodwill and intangible assets with indefinite useful lives are not amortized but reviewed for impairment annually[247]. - The Company utilizes a discounted cash flow methodology for impairment testing, requiring significant judgment in estimating future cash flows[249]. - The total net deferred tax assets increased from $2,431,995 in September 2023 to $3,317,504 in September 2024, indicating a significant rise in deferred tax assets[311].

Financial Performance - AMCON reported fully diluted earnings per share of $7.15 and net income available to common shareholders of $4.3 million for the fiscal year ended September 30, 2024[1]. - Total sales for fiscal 2024 were $2.71 billion, an increase from $2.54 billion in fiscal 2023, representing a growth of approximately 6.7%[6]. - Gross profit for fiscal 2024 was $182.35 million, up from $170.84 million in fiscal 2023, indicating a gross margin improvement[6]. - Operating income decreased to $17.98 million in fiscal 2024 from $25.97 million in fiscal 2023, reflecting increased selling, general, and administrative expenses[6]. - Net income available to common shareholders decreased to $4,336,489 in September 2024 from $11,596,393 in September 2023, representing a decline of approximately 62.7%[9]. Revenue Segments - The wholesale distribution segment generated revenues of $2.7 billion with an operating income of $31.3 million, while the retail health food segment reported revenues of $42.5 million and operating income of $0.1 million for fiscal 2024[2]. Shareholder Equity and Cash Flow - Shareholders' equity increased to $111.73 million as of September 30, 2024, compared to $104.17 million in the previous year[5]. - AMCON's cash balance decreased to $672,788 from $790,931 year-over-year, while accounts receivable slightly decreased to $70.65 million[5]. - Net cash flows from operating activities significantly increased to $67,872,351 in September 2024, compared to $19,722,218 in September 2023, marking an increase of approximately 243.5%[9]. - Cash at the end of the period decreased to $672,788 in September 2024 from $790,931 in September 2023, a decline of approximately 15%[9]. Investments and Acquisitions - The company is investing in a new 250,000 square foot distribution facility in Colorado City, Colorado, to support growth initiatives in the Intermountain Region[3]. - The company acquired Burklund for $15,464,397 and Richmond Master for $6,631,039 during the period, indicating ongoing market expansion efforts[9]. - The company continues to seek strategic acquisition opportunities to align with its customer-focused approach and enhance its service capabilities[2]. Inventory and Accounts Receivable - Accounts receivable increased by $5,900,380 in September 2024, compared to a decrease of $(138,956) in September 2023, suggesting improved sales performance[9]. - The company reported a significant increase in inventories, rising to $29,003,285 in September 2024 from a decrease of $(7,728,394) in September 2023, indicating potential growth in product offerings[9]. Expenses and Cash Flow Management - Total depreciation expenses rose to $8,957,478 in September 2024, up from $7,161,468 in September 2023, reflecting an increase of about 25.1%[9]. - Cash paid for interest during the period was $9,985,313, compared to $8,311,375 in the previous year, indicating an increase of approximately 20.1%[9]. - The company reported a net cash outflow from investing activities of $(42,108,695) in September 2024, a decrease from $(66,274,842) in September 2023, showing an improvement of about 36.4%[9]. - The company experienced a net cash outflow from financing activities of $(2,320,299) in September 2024, compared to $(2,975,323) in September 2023, reflecting a reduction in financing costs[9]. Strategic Positioning - AMCON's strategic plan has led to becoming the third largest Convenience Distributor in the U.S. by territory covered, with a fully operational facility in Springfield, Missouri[2].

Sales Performance - Sales for the quarter reached $717.9 million, up from $696.5 million in the prior-year period, driven by strong demand in the convenience and foodservice distribution sectors [1] - The increase in sales was partially offset by the higher cost of goods sold, which rose to $669.9 million from $649.6 million in the third quarter of fiscal 2023 [1] Profitability Metrics - The company's gross profit for the third quarter of fiscal 2024 was $48 million, up from $46.9 million in the same quarter last year, with a stable gross profit margin of approximately 6.7% [2] - Operating income for the third quarter was $5.6 million, a decline from $7.9 million in the year-ago quarter, primarily due to higher SG&A expenses [3] - Net income available to common shareholders for the third quarter was $1.5 million, significantly lower than the $3.9 million reported in the year-ago quarter, reflecting the impact of higher interest expenses and other costs [4] Expense Analysis - SG&A expenses increased 8.3% year over year, reaching $39.9 million in the third quarter compared to $36.9 million in the prior-year quarter [5] - Interest expenses for the fiscal third quarter were $2.9 million, up from $2.4 million in the third quarter of fiscal 2023 [6] Balance Sheet Position - As of June 30, 2024, total assets for the company were $400.6 million, an increase from $363.4 million at the end of September 2023 [12] - Total shareholders' equity increased to $110 million from $104.2 million as of September 30, 2023 [13] - Long-term debt, excluding current maturities, was $17.9 million, an increase from $11.7 million at the end of September 2023, with current maturities of long-term debt standing at $5.3 million [8] Cash Flow and Investments - For the nine months ended June 30, 2024, the company generated net cash flows from operating activities of $26.9 million, a significant increase from $9.5 million in the same period of 2023 [14] - During the quarter, the company completed the acquisition of Richmond Master Distributors Inc., expected to strengthen its distribution network and customer base [15] - The company reported progress on its new 175,000-square-foot distribution facility in Springfield, MO, and enhancements to its 250,000-square-foot facility in Colorado City, CO [15]

Financial Performance - Consolidated sales for Q3 2024 reached $717.85 million, an increase of 3.1% from $696.49 million in Q3 2023[158] - Gross profit for Q3 2024 was $47.96 million, reflecting a 2.3% increase from $46.87 million in the same quarter last year[158] - Net income available to common shareholders decreased by 62.2% to $1.49 million, down from $3.94 million in Q3 2023[158] - The Wholesale Segment reported sales of $707.66 million, a 3.2% increase from $685.74 million in Q3 2023[158] - The Retail Segment experienced a sales decline of 5.1%, with Q3 2024 sales at $10.20 million compared to $10.75 million in Q3 2023[158] - Net income available to common shareholders decreased by 64.1% to $3.1 million in Q3 2024 compared to $8.6 million in Q3 2023[167] Operating Expenses - Operating expenses increased by 8.7% to $42.34 million, compared to $38.95 million in Q3 2023[158] - Operating expenses increased by $3.4 million in Q3 2024 compared to Q3 2023, primarily due to higher employee compensation and costs related to acquisitions[163] - Operating expenses increased by $16.6 million for the nine months ended June 2024 compared to the same prior year period, driven by a $10.6 million increase related to the acquisition of Henry's and a $3.2 million increase in employee compensation and benefits[199] Interest Expense - Interest expense increased by 21.7% to $2.90 million, compared to $2.39 million in Q3 2023, reflecting rising borrowing costs[158] - Interest expense rose by $0.5 million in Q3 2024 compared to Q3 2023, attributed to higher interest rates and increased debt from acquisitions[164] - Interest expense rose by $1.2 million for the nine months ended June 2024, primarily due to higher interest rates and increased capital expenditures related to acquisitions[220] Growth Initiatives - The company opened a new retail store in Lakewood Ranch, Florida, in June 2024, as part of its market expansion strategy[126] - The company is investing in a new 250,000 square foot distribution facility in Colorado City, Colorado, to support long-term growth initiatives[146] Regulatory Risks - Regulatory risks related to potential bans and limitations on tobacco products could negatively impact revenues and consumer demand[125] Wholesale Segment Performance - Sales in the Wholesale Segment increased by $21.9 million during Q3 2024 compared to Q3 2023, driven by acquisitions and price increases, despite a $45.7 million decrease in sales volume of cigarette cartons[160] - Gross profit in the Wholesale Segment rose by $1.2 million in Q3 2024 compared to Q3 2023, influenced by acquisitions and price increases, while the Retail Segment saw a slight decrease of approximately $0.1 million[162] - Sales in the Wholesale Segment increased by $117.5 million for the nine months ended June 2024 compared to the same prior year period, with significant contributions from acquisitions and price increases[195] - Gross profit in the Wholesale Segment increased by $10.3 million for the nine months ended June 2024 compared to the same prior year period, driven by acquisitions and price increases[196] Liquidity and Borrowing Capacity - The credit limit of the combined Facilities at June 2024 was $239.2 million, with $156.9 million outstanding, leaving $82.3 million available[177] - The total combined borrowing capacity of the Facilities was $300.0 million as of June 2024, including provisions for up to $30.0 million in credit advances for inventory purchases[222] - The average interest rate of the Facilities was 6.99% at June 2024, with peak borrowings reaching $181.8 million during the nine months ended June 2024[224] - The Company's liquidity position is significantly influenced by its ability to maintain sufficient levels of working capital and ongoing access to bank credit[226] Cash Dividends - The Company paid cash dividends totaling $0.5 million for the nine months ended June 2024, compared to $3.4 million for the same period in 2023[205] Store Closures - The Company experienced a $1.5 million decrease in revenue due to the closure of five stores between the comparative periods[198] Tax Rate Changes - The effective tax rate change during the nine-month period ended June 2024 was primarily related to non-deductible compensation expenses[200] Risk Management - The Company does not currently hedge its exposure to interest rate risk or fuel costs, which can significantly impact profitability[206]

Charles J. Schmaderer, AMCON's Chief Financial Officer said, "Sales for the fiscal quarter ended June 30, 2024 were $717.9 million and the Company ended the fiscal period with total shareholders' equity of approximately $110.0 million. We continue to maintain a strong liquidity position and recent amendments to our bank credit facilities provided additional flexibility to pursue our strategic objectives that materialized during the quarter." Mr. Schmaderer also added, "We continue to invest in the final com ...

Zacks Investment Research has recently initiated coverage of AMCON Distributing Company (DIT) with a Neutral recommendation. This report highlights key aspects of AMCON's operations, financial performance, strategic initiatives and challenges, providing valuable insights for potential investors. AMCON operates one of the largest wholesale distribution networks in the United States, serving approximately 7,000 retail outlets. Its extensive product portfolio includes over 20,000 consumer products, ranging fro ...

Exhibit 99.1 AMCON DISTRIBUTING COMPANY REPORTS RESULTS FOR THE QUARTER ENDED MARCH 31, 2024 NEWS RELEASE Omaha, NE, April 18, 2024 - AMCON Distributing Company ("AMCON" or "the Company") (NYSE American: DIT), an Omaha, Nebraska based Convenience and Foodservice Distributor, is pleased to announce fully diluted earnings per share of $0.89 on net income available to common shareholders of $0.5 million for its second fiscal quarter ended March 31, 2024. "Labor shortages, supply chain issues, inflation, volati ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ⌧ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ◻ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________to _________ (Exact name of registrant as specified in its charter) | Delaware | 47-0702918 | | --- | --- | | (State or other jurisdiction | ...

OMAHA, Neb.--(BUSINESS WIRE)--AMCON Distributing Company (“AMCON”) (NYSE American: DIT), an Omaha, Nebraska-based consumer products company is pleased to announce the acquisition of Burklund Distributors, Inc. (“Burklund”), of East Peoria, Illinois. “ We are honored that Jon Burklund and Rob Hackett have chosen AMCON to continue the legacy and stewardship of this third-generation family held business that was established by Edwin Burklund in 1939, and grown by Dale Burklund,” said Christopher H. Atayan, AM ...

OMAHA, Neb.--(BUSINESS WIRE)--AMCON Distributing Company (“AMCON”) (NYSE American: DIT), an Omaha, Nebraska-based Convenience and Foodservice Distributor is pleased to announce it has acquired a new distribution facility located in Colorado City, Colorado. “ This strategic move represents a significant expansion of our operations and underscores AMCON’s commitment to enhanced service for our customers in the Rocky Mountain, Intermountain and Southwest regions of the United States. We are making meaningful ...